Reliance announces financial results of Q4 (FY 2017-2018)

Brenda Watkins

The telco, which upended the market since its entry in September 2016 with its initially free voice and data and now much cheaper mobile internet services, has reported Rs 7128 crore operating revenue for the quarter, up 3.6% sequentially. The conglomerate's new businesses made healthy contributions to its performance.

Revenue from its refining and marketing business rose 28.8% to Rs 93,519 crore as its Jamnagar refinery, the world's largest, earned $11 from every barrel it processed.

MUMBAI: clocked record profits of Rs 9,435 crore in the fourth quarter of fiscal 2018, up 17 per cent, on higher margins from its, retail and digital services businesses.

Reliance said pre-tax profit from petrochemical business, where all expansion projects have been completed, was at record high of Rs 6,435 crore in the fourth quarter of the 2017-18 fiscal, up 12 per cent over previous year. A report by Jefferies expects refining EBIT to fall 5% this quarter to Rs6,000 crore levels while the retail business's EBIT will increase 135% to Rs600 crore.

Reliance Jio is planning to recruit about 75,000 to 80,000 people during this financial year, as revealed by a senior official on the sidelines of an event organized by the Society of Human Resources Management.

Gross refining margin (GRM) for the quarter fell to $11 per barrel compared with $11.5 per barrel in the year-earlier period. Although COAI didn't explicitly mention the operator, it's clear it was hinting at Jio, and in a way claiming that Jio 4G speed results by TRAI are wildly inaccurate.

"The overall environment has been good, with a good demand for polymer and polyester", RIL Joint CFO V Srikanth said at a press conference. Revenue grew by 105% year-on-year to Rs 69,198 crore from Rs 33,765 crore. There were no Sales reported during the previous quarter ended March 2017. The company attributed the increase in revenue to the volume increase with the start-up of petrochemicals projects and oil price related increase.

Reliance Industries' shares closed up 2% at Rs 994.75 on the BSE before the company announced its earnings.

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